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Jazz Resources Inc (2)
Symbol JZR
Shares Issued 28,567,266
Close 2022-06-24 C$ 0.82
Market Cap C$ 23,425,158
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Jazz Resources receives Vila Nova technical report

2022-06-27 12:42 ET - News Release

Mr. Robert Klenk reports

JAZZ RESOURCES INC. REPORTS ON AND SUMMARIZES CERTAIN TECHNICAL INFORMATION RECEIVED FROM THE OPERATOR OF THE VILA NOVA GOLD PROJECT, AMAPA STATE, BRAZIL

Jazz Resources Inc. has received a technical report from Eco Mining Oil & Gas Drilling and Exploration Eireli in connection with the Vila Nova gold project located in Amapa, Brazil. The report, titled "Geologic Modeling and Assessment of Potential Mineral Resources, Vila Nova Gold Project, Amapa State, Brazil," was prepared by Marcius Costa Machado (Eng Geologo) and Remo Almeida Machado (Eng Geologo) of Pesquisa Mineral Geologia and was commissioned by Eco Mining to analyze prior exploration work and evaluate the exploration potential of the Vila Nova project. Pursuant to a joint venture royalty agreement dated July 6, 2020, as amended, Jazz has the right to acquire from Eco Mining a 50-per-cent net profits interest (as defined in the JVRA) in the Vila Nova property. Readers are cautioned that the report was not prepared in accordance with the requirements set forth in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The report concludes that the results of prior exploration work on the Vila Nova project showed promising results for gold mineralization, which merited further exploration work on the Vila Nova project.

Highlights of the report (as defined as follows) include:

  • Exploration potential on the Vila Nova project can be stated as between 54 million tonnes grading 2.08 grams per tonne gold potentially containing 3.6 million ounces of gold and 92 million tonnes grading 1.75 grams per tonne gold potentially containing 5.2 million ounces of gold.
  • The report indicates that conclusions are based on the modelling of the Vila Nova project derived from the results of both historical and current drilling of 59 historical holes totalling 7,684 metres.
  • The drilling total includes data from historical drill hole work using diamond drilling completed by previous owners or operators of the Vila Nova property pursuant to exploration work undertaken between 1993 and 1996.
  • Only one kilometre of the three-kilometre strike length has been drill tested.
  • Eco Mining (as defined as follows) has indicated that additional drilling is planned for the third quarter of 2022 to determine the extent of mineralization.

The nature of the hard-rock mineralization beneath the accumulated mining debris on the property comprising the Vila Nova project consists of banded iron formation and surrounding shales and granodiorite-tonalite intrusive host rocks.

Mineralization starts at surface beneath historical mining debris and consists of multiple parallel structures dipping almost vertically. The deepest historical drilling intersections are between 220 metres and 258 metres from holes drilled at 45 degrees to 60 degrees to crosscut the structures. The large volume of unconsolidated debris from previous hand mining activities on the Vila Nova project will provide materials for testing in the gravimetric plant that has been constructed and assembled on the Vila Nova project. These residual materials comprise the bulk of the current exploration potential at the Vila Nova project. The company notes that Eco undertook certain exploration activity on the Vila Nova project in 2021, which included 18 drill holes at 2,400 metres. As a result, historical and current drill holes total 77 drill holes at an aggregate of 10,084 metres. The company believes that certain information and analysis set out in the report, such as tonnage calculations, are based on both the current and historical assays of the 77 holes.

This press release has been prepared by Dr. Stewart A. Jackson, PGeo, a qualified person within the meaning of NI 43-101 who has approved the technical and scientific information presented herein as accurate and has approved this press release.

We seek Safe Harbor.

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